Bloomberg Surveillance Single Best Idea with Tom Keene: Kevin Gordon & John Stoltzfus
May 8, 2026
A lively discussion on market volatility and how headline-driven noise is shaping investor reactions. A contrast between consumer and tech performance over the past year. Exploration of inflation, real wages and why consumers are not fully participating in market gains. A deep dive into AI-driven optimism and growing AI adoption in business and daily life.
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Consumer Stocks Lag While Tech Dominates
- Markets are fragmenting: consumer discretionary has lagged while tech and communication services (driven by MAG-7) outperform over the past 18 months.
- Kevin Gordon ties this split to weak real wage growth and likely hotter CPI, which mutes broader consumer participation.
Headlines And Mega Caps Drive Short-Term Market Character
- The market's current character is dominated by geopolitical headlines and a concentrated group of mega-cap tech names.
- Tom Keene highlights how war-driven headlines amplify market sensitivity and attention to each release.
AI Adoption Precedes Profit Realization
- AI optimism is shifting from immediate profit expectations to realistic timelines where usage grows before profits follow.
- John Stoltzfus notes both consumers and businesses are increasingly using AI, making the innovation story central to market prospects.